5+ Tips to Outsource Right Bookkeeping Service for Small Businesses in 7 Days

What is the right timing to ask for a Bookkeeper or Accountant’s help?

It’s all too common for businesses to procrastinate the decision to hire bookkeeping help. You know that your business needs support with financial tracking, but many business owners convince themselves that it’s worth saving a bit of cash by keeping bookkeeping management in-house.

The truth is that it’s never too early to hire a bookkeeper. When you bring in bookkeeping help, it means that you can rely on a professional to track transactions and keep your business on track with cash flow, invoicing, and more.

Whether you are launching a new company, or your established company is growing, you need to keep track of your finances. The numbers will show you areas of opportunity, issues that need to be addressed, and potential downfalls that could harm your success in the future. Having immaculate books is a great investment so you are prepared for anything that may come in the future.

So, if the thought has crossed your mind that you should hire a bookkeeper, then now is the time to act. Get started by finding bookkeeping help right away so you can set yourself up for success down the road.

Your Options for Hiring Bookkeeping Help

There isn’t one cut-and-dry solution to bring in someone to help with your books. Here are a few common options you might consider:

  1. Employee: Depending on the size of your company, you might hire a part-time or full-time bookkeeper. Most small businesses don’t need full-time bookkeeping services, so it’s common to bring on an employee who can also help with other administrative tasks as well.
    Hiring an employee means that you have an in-house team member who oversees all of the transactions and financial details that are moving through your bank account. Realistically, your company needs to be big to justify the cost of bringing on an employee. If you don’t have over a million dollars in annual revenue, then you should probably skip this option and look at outsourcing solutions instead.
  2. Freelancer: A second option for bookkeeping help is to hire the services of a freelancer. You can find independent providers who oversee everything related to bookkeeping, often for a flat monthly fee or an hourly rate.
    Hiring a freelancer is a great way to bring in good talent without worrying about the overhead burden of paying for a full-time employee. Since you are outsourcing these services, it means that you don’t have the costs for benefits, employment taxes, office space, equipment, and other costs associated with in-house employees.
    While there are many benefits from hiring a freelancer, this solution also comes with a few drawbacks. For example, if the person is sick or out on vacation, then you might have limited access to get information or answers to your questions.
  3. Firm: The third option you might consider is to hire a bookkeeping firm. This means that you are outsourcing to a team of bookkeepers. Often, specific people are assigned to your project, ensuring that you have continuity in the services provided. The cost of a firm might be a little more expensive than hiring a freelancer, but you still enjoy the benefit of avoiding the expenses of a full-time employee. Hiring a bookkeeping firm comes with advantages. For example, you have ongoing access to a team of professionals, which means that you don’t have to wait for information if someone is out of the office.
  4. Local: The last option you might consider is hiring a local service provider. For example, you can find a bookkeeping firm in your town that offers outsourced services for small businesses. Some business owners like the option to meet with their bookkeeper in person. But your options will be limited since there are only so many providers available in the local area.
    Keep in mind that you can often enjoy face-to-face conversations with bookkeepers who live in other parts of the country by using digital conferencing tools. Since bookkeeping and accounting are managed in the cloud, there is no reason why you need someone who can come into your office to handle the bookkeeping services.

Factors to Consider When Hiring a bookkeeper

Not only do you need to think about the type of bookkeeper you would like to hire (employee, freelancer, or firm), but you also need to look at specific details of the services you will be receiving. Here are a few things that should always be considered if you are hiring a small business bookkeeper:

  1. Cost: How much do you have budgeted for these bookkeeping services? It’s smart to dial in the pricing in advance so you aren’t surprised by a high bill later down the road. Ask questions about the way the costs will be billed – based on a flat-fee service or if you are charged hourly. If you will be paying the bookkeeper for hourly services, then it’s a good idea to ask about the estimated hours that will be required based on your scope of work for the project.
  2. Timeline: Do you need bookkeeping services to get this project off the ground? A one-time project might be sufficient to get your system dialed in, then you can keep up with DIY maintenance in the future. But, more often than not, it’s worth investing in ongoing bookkeeping services so you don’t have to worry about the financial requirements in the future. Talk to the bookkeeper about possibilities for a long-term engagement, including services for monthly reconciliations and audits.
  3. Process: What is the approach the bookkeeper will be taking with your financial reports? Ideally, you need a team that follows a strict schedule to ensure that your books are always up to date. Also discuss other details that will affect the success of your company, such as bookkeeping software and other automation that can be used to improve your results.
  4. Collaboration: A bookkeeper offers limited financial services. This person is responsible for ongoing transactions and quality control. But they don’t offer the bigger-picture services that are often needed for small businesses, such as accounting.
    For example, even though bookkeeping help can be useful for invoicing and payroll processing, your bookkeeper doesn’t have the experience or strategy that you can gain from an outsourced accounting team. Ideally, you need both bookkeeping and accounting services. Either select two separate providers who can work together, or find an outsourced firm that provides both bookkeeping and accounting in-house.
  5. Experience: Does your provider have the unique experience that relates to your industry? It might not make sense to hire someone who mostly works on large corporate accounts. Instead, choose a bookkeeper or bookkeeping team that focuses on small businesses specifically. When the provider has relevant experience, it means that you can expect that the services will be a good fit for your unique needs. Find a bookkeeper who knows what they are doing, and can offer insights that are specific for your industry and size of business.
  6. Services: Ask about the specific services offered for your company. These services need to look at data entry and accuracy of transactions. It’s also helpful to have bookkeeping help to prevent and spot theft, ensure tax compliance throughout the year, and keep you on-track with payroll processing.
  7. Relevancy: It’s essential that you have a bookkeeping provider who stays up-to-date with ongoing changes in the industry. The field of bookkeeping and accounting is constantly changing, and you need to be sure that your company is keeping up with these changes. Your bookkeeper should know the current regulations and be able to tell you how they are keeping up with the industry as new regulations come online.
  8. Personalized Bookkeeping Services for Small Businesses: You deserve quality assistance for your business. Hiring bookkeeping help can be a great investment, giving you access to professional assistance that will keep your company on solid ground. This strong foundation is the perfect step needed so that you can grow to bigger heights in the future, ensuring that your financial system will be able to adapt as your company continues to expand.

Our team at “A&I Financials” understands the importance of implementing good bookkeeping practices for your business. We work with entrepreneurs and small to medium-sized companies, keeping our skills focused on the specific services that are relevant to your needs. Whether you need basic bookkeeping help, or you are looking for solutions to transform your approach going forward, we offer a range of services that can be personalized for you.

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